** Cowen says the downgrades are based on revised outlook for chemical prices

** Industry view has become more circumspect in light of multiple risks which may constrain earnings, such as expanding supply/demand imbalance, strained feed-stock supply and logistics, low oil prices and slowing GDP growth especially in regions important to U.S. chemical trade - Cowen

** Cowen says as these headwinds become more apparent to investors, share performance will suffer as the longer term outlook eases, any recovery will be less robust than anticipated